Are you approaching retirement age and worrying about not having enough savings? Or did you forget to file for Social Security retirement benefits in the past? Don’t panic – you may be able to receive retroactive benefits from the Social Security Administration (SSA).
What are Retroactive Social Security Retirement Benefits?
Retroactive Social Security retirement benefits are payments that are made to individuals who have reached full retirement age but have not yet claimed their benefits. These benefits include a lump-sum amount for up to six months of missed payments, along with monthly benefits thereafter. Essentially, it’s like receiving a back payment of the benefits you could have been receiving all along.
Who is Eligible for Retroactive Social Security Retirement Benefits?
To be eligible for retroactive Social Security retirement benefits, you must meet the following criteria:
- Be at least 62 years old
- Have not yet claimed Social Security retirement benefits
- Have reached full retirement age, which is between 65 and 67 depending on your birth year
If you meet these requirements, you may be eligible to receive retroactive Social Security retirement benefits.
How to Apply for Retroactive Social Security Retirement Benefits
If you are eligible for retroactive Social Security retirement benefits, you can apply for them by visiting your local SSA office or calling the SSA’s toll-free number at 1-800-772-1213. You can also apply online by creating a mySocialSecurity account on the official SSA website.
When applying, you will need to provide information on your work history, social security number, and birth certificate. You may also be required to provide additional documents such as proof of marriage or divorce, children’s birth certificates, and military discharge papers.
What to Expect During the Retroactive Benefits Process
After submitting your application for retroactive Social Security retirement benefits, it can take 45-90 days for the SSA to process your claim. During this time, you may be contacted for additional information or to schedule an interview.
If your claim is approved, you will receive a lump-sum payment for up to six months of missed benefits, along with your monthly retirement benefits going forward. However, you should be aware that receiving retroactive benefits may affect your taxes and Medicare premiums. It is recommended to consult with a tax advisor for specific guidance on your situation.
Frequently Asked Questions
1. Can I receive retroactive Social Security retirement benefits if I am still working?
Yes, you can receive retroactive benefits even if you are still working. However, it’s important to note that retroactive payments may affect your current employment and taxes. It is best to consult with a financial advisor before applying.
2. Will I receive my full retirement benefits if I apply for retroactive Social Security retirement benefits?
Yes, if you are eligible for retroactive benefits, you will receive the full amount of your retirement benefits, as long as you have reached full retirement age.
3. Is there a time limit to apply for retroactive Social Security retirement benefits?
Yes, you have a maximum of six months to apply for retroactive benefits after reaching your full retirement age. After six months, you will no longer be eligible for retroactive payments.
In Conclusion
Retroactive Social Security retirement benefits can provide much-needed financial assistance to those who have missed out on claiming their benefits. If you meet the eligibility criteria, it’s worth considering applying for retroactive benefits to ensure you receive the full amount of your retirement benefits. Remember to consult with a financial advisor before making any decisions that could affect your taxes and other financial matters.
